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Camden National (CAC) - 2024 Q4 - Annual Results
CACCamden National (CAC)2025-01-28 13:04

Financial Performance - For Q4 2024, Camden National reported net income of 14.7millionanddilutedEPSof14.7 million and diluted EPS of 1.00, representing increases of 12% and 11% respectively compared to Q3 2024[1]. - Core net income for Q4 2024, excluding merger costs, was 15.1millionwithcoredilutedEPSof15.1 million with core diluted EPS of 1.03, reflecting increases of 9% and 8% respectively over Q3 2024[3]. - Net income for the quarter was 14,666,up12.214,666, up 12.2% from 13,073 in the previous quarter and up 73.5% from 8,480year−over−year[30].−Corenetincome(non−GAAP)reached8,480 year-over-year[30]. - Core net income (non-GAAP) reached 15,086, a 9.3% increase from 13,800inthepreviousquarteranda21.513,800 in the previous quarter and a 21.5% increase from 12,410 year-over-year[30]. - Diluted EPS for the quarter was 1.00,comparedto1.00, compared to 0.90 in the previous quarter and 0.58year−over−year,reflectinga11.10.58 year-over-year, reflecting a 11.1% and 72.4% increase respectively[30]. - Net income for Q4 2024 reached 14,666,000, reflecting a 73% increase year-over-year[34]. - Basic earnings per share for Q4 2024 were 1.01,up741.01, up 74% from 0.58 in Q4 2023[34]. - Net income for the year 2024 was 53,004,000,representinga2253,004,000, representing a 22% increase from 43,383,000 in 2023[36]. Asset and Loan Management - Total assets as of December 31, 2024, were 5.8billion,upfrom5.8 billion, up from 5.7 billion as of September 30, 2024[6]. - Loans totaled 4.1billionasofDecember31,2024,remainingconsistentwiththepreviousquarter,whilefundedresidentialmortgageproductionincreasedby144.1 billion as of December 31, 2024, remaining consistent with the previous quarter, while funded residential mortgage production increased by 14%[9]. - Total loans remained stable at 4,115,259, showing no significant change from 4,116,729inthepreviousquarterandaslightincreasefrom4,116,729 in the previous quarter and a slight increase from 4,098,094 year-over-year[30]. - Total loans amounted to 4,116,313thousandforthethreemonthsendedDecember31,2024,aslightdecreasefrom4,116,313 thousand for the three months ended December 31, 2024, a slight decrease from 4,144,482 thousand in the previous quarter, representing a decline of 0.68%[38]. - Non-performing loans to total loans ratio was 0.16% for the year ended December 31, 2024, slightly down from 0.17% for the year ended September 30, 2024[44]. Deposit Growth - Deposits increased by 1% to 4.6billion,withcoredepositsgrowingby24.6 billion, with core deposits growing by 2% to 3.9 billion, primarily due to a 7% increase in savings deposits[13]. - Total deposits as of December 31, 2024, were 4,633,167thousand,anincreasefrom4,633,167 thousand, an increase from 4,575,226 thousand in the previous quarter, reflecting a growth of 1.27%[51]. - Total deposits rose to 4,441,290thousand,markinganincreaseof1.914,441,290 thousand, marking an increase of 1.91% from 4,379,935 thousand in the prior quarter[38]. Efficiency and Profitability Ratios - The efficiency ratio for Q4 2024 improved to 59.62% (GAAP) and 58.51% (non-GAAP), compared to 64.23% and 62.39% in Q3 2024[20]. - Return on average assets improved to 1.01%, up from 0.91% in the previous quarter and 0.59% year-over-year[30]. - Core return on average equity (non-GAAP) was 11.30%, compared to 10.48% in the previous quarter and 10.53% year-over-year[30]. - The GAAP efficiency ratio improved to 59.62% for the three months ended December 31, 2024, down from 64.23% in the previous quarter[48]. - The non-GAAP efficiency ratio also improved to 58.51% for the same period, compared to 62.39% in the previous quarter[48]. Non-Interest Income and Expenses - Total non-interest income for Q4 2024 was 12,166,000,asignificant10312,166,000, a significant 103% increase compared to Q4 2023[34]. - The company reported a 44% increase in total non-interest income for the year 2024, totaling 44,539,000 compared to 31,034,000in2023[36].−Totalnon−interestexpensefortheyear2024was31,034,000 in 2023[36]. - Total non-interest expense for the year 2024 was 111,936,000, a 4% increase compared to 107,361,000in2023[36].−Non−interestexpenseforthethreemonthsendedDecember31,2024,was107,361,000 in 2023[36]. - Non-interest expense for the three months ended December 31, 2024, was 28,364 thousand, compared to 28,900thousandforthepreviousquarter,reflectingadecreaseof1.8528,900 thousand for the previous quarter, reflecting a decrease of 1.85%[48]. Credit Quality - The company's asset quality remained strong, with loans 30-89 days past due at 0.05% of total loans and non-performing assets at 0.11% of total assets[10]. - Provision for credit losses for Q4 2024 was 809,000, a 238% increase from 239,000inQ32024[34].−Theallowanceforcreditlosses(ACL)onloansattheendoftheperiodwas239,000 in Q3 2024[34]. - The allowance for credit losses (ACL) on loans at the end of the period was 35,728,000, down from 36,935,000atthebeginningoftheperiod[44].−TheACLonloanstonon−performingloansratiowas553.0736,935,000 at the beginning of the period[44]. - The ACL on loans to non-performing loans ratio was 553.07% for the year ended December 31, 2024, indicating strong coverage of non-performing loans[44]. Mergers and Acquisitions - The company completed its merger with Northway Financial on January 2, 2025, resulting in total assets of approximately 7.0 billion and 73 branches in Maine and New Hampshire[2].